Singapore’s Ryde Carpooling App Launches BTC Payment Option

Ryde, the Singaporean carpooling app, has made an announcement recently. According to this announcement, Ryde will launch its own form of crypto wallet, one that will allow users to pay by way of Bitcoin for its services.

First And Only Bitcoin-Enabled Ride-Hailing Service

In this announcement, made on the 17th of June, Ryde stated they will be the first, and only, ride-hailing application to have incorporated Bitcoin as a form of payment within its ecosystem. The firm explained that, as of the 22nd of June, 2020, users of its app would be capable of buying rides through the use of Bitcoin as payment.

The Ryde wallet, aptly named RydePay, will enable its users to convert Bitcoin into Ryde coins in order to top up their balances, as well as pay their rides. The conversion itself is said to occur at market rates, without any fees, and the Ryde coins themselves have been pegged at the Singaporean dollar.

Hoping To Spur Crypto Adoption

Bitcoin deposits within the wallet will have a limit to it, however, going to a maximum value of 999 Singapore dollars, or about USD715. Alongside this, the company has revealed that it had plans to incorporate support for other forms of cryptocurrency in the future, as well.

Terence Zou, the CEO, and founder of Ryde, explained that the shift towards digital payments has very much been accelerated due to the COVID-19 pandemic. As such, Ryde stands ready to be a game-changer when it comes to Singapore and its crypto adoption, according to Zou. He went further, explaining that consumers will start to get used to using Bitcoin to pay for Ryde’s services, and he hoped that this would serve as a catalyst that spurs the country to increase crypto adoption, en masse.

A New Digital Era

It’s long since been suggested that cryptocurrencies start to replace the current digitized fiat payments system, such as credit cards. As it stands now, crypto adoption is very much in its infancy when it comes to day-to-day transactions, but there are some key examples of crypto being used to pay for transportation.

One such instance comes from Fortaleza, a major city in Brazil. Back in July of 2019, the city announced that it would allow its citizens to pay for bus tickets by way of Bitcoin. Before even that, Italy’s taxis started to accept Bitcoin for rides as well, as far back as 2016.